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GOING FORWARD w/the current economic situation. YIKES! Just keep swimming...

 
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rodrigo212

posts: 30

Oct 19, 2008 4:43 PM ET    Quote  Report Abuse
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Hello SUn Members,

I`m two years into my business. The first year and a half, I spent just doing research, getting the basics formed, and just absorbing a lot of business reading and advice while working full-time hours. My small investment was made on making myself a bit more business savvy. Being on the creative/design side for many years in my corporate career, I always relied on others, and other departments to do all the number crunching...and so I decided it was finally time to jump in and just give this side of business a fair amount of my attention. Little did I realize, that being "creative" in business can be addictive, especially when it`s your very own venture.

In early 2008, I cut back on my freelance hours at work to focus on my plans. I even did some traveling abroad to research the potential to work with vendors outside the US. My co-workers and supervisors were not thrilled, but understood. They did not want to hold me back.  I learned a lot, moved ahead with my business plan  and strategy to work domestically...and now I find myself very close to seeing my goals met...even if I`ve lowered my expectations.

Up until the "bailout" bombardment of news and now, all the dismal projections, I was doing fairly well getting my business ready to stand up on two feet, even if I expected it to be a bit wobbly. The point is....I was self-motivated, inspired and energized. I felt very impassioned in my new entrepreneurial clothing...and I still have the tremendous satisfaction of being free from my cubicle. So onwards,

I am gearing up for two trade shows where I will offer for sale my products, direct to customers, to independent retailers and wholesalers. So far, I feel I will be prepared.

Nonetheless, to be perfectly honest..."I`m scared out of my mind". But I have to remind myself  that I have done the research. I have taken into consideration the current economic problems, and adjusted my expectations. Knowing that I have decided to move forward...not to sink, but to keep swimming...even if over deep, scary waters.

If anyone out there is in a similar position in their start-up venture...please share your thoughts and comments.

I have added a video link to this posting that gives insight to business owners who are getting ready for the storm to hit, and those that have already adjusted their business expectations to survive the next year, or two. I remain hopeful, that our new president will address our needs...as I enter into this ocean of uncertainty...I have faith that the same ocean will offer tremendous opportunity and growth as it always has.

Here is the link to an interesting video series from the New York Times:

http://video.nytimes.com/video/2008/10/16/nyregion/1194825165745/small-business-and-the-economic-crisis.html



rodrigo21210/21/2008 12:18 PM
CraigL

posts: 9051

Oct 20, 2008 7:08 PM ET    Quote  Report Abuse
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Ric Wilmont, one of our community members, has a fabulous article in his blog about business management. In a nutshell, he describes an example of gloom and doom in the financial analyst business. With everyone losing money, not investing, and being upset, many analysts believe (operative word) that they won`t have any new customers. Their business will fall apart.

But now think about it: Let`s say you have $1-million and you`ve been happy with keeping it in a portfolio. Every year, dividends come in, you make money, and life is fine. Suddenly, the markets are in turmoil.

If a financial analyst only sits back and waits for people to call, they`re being passive. As such, when the market gets rough, that same analyst will remain passive. They`ll just fall apart, lose their business, and that`s the end of it.

But if the analyst is out there talking with folks, being active, what happens? They start talking to their existing and worried customers. They start using all that "analyst" training to come up with ways to protect the $1-million. AND they come up with ways to not only protect the money, but to grow it some more!

Anyone can make money is a booming economy. Anyone can call themselves a financial analyst when it takes no special skills to make money. But NOT everyone can make money in a stressed economy! That`s when REAL skills are required.

People have bought into the Saturday Night Live form of derogatory satire. It`s created an atmosphere where old-fashioned platitudes are now laughable, old hat, pointless, and too stupid for modern intellectuals.

"Every cloud has a silver lining." How laughable is that? How stupid? Who listens to that kind of nonsense anymore, we`re WAY too sophisticated! :-)

Unh-hunh. Well, now we have a cloud. If people don`t understand how to even see a sliver lining, then all that intellect and sophistication won`t do much as they go broke.
CraigL2008-10-20 19:10:26
rodrigo212

posts: 30

Oct 20, 2008 8:22 PM ET    Quote  Report Abuse
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very well put Craig...thank you for your insightful words, and for reminding me of the silver lining.

Inhale, Every Cloud Has a Silver Lining....Exhale!
rodrigo21210/20/2008 8:26 PM
CraigL

posts: 9051

Oct 20, 2008 8:47 PM ET    Quote  Report Abuse
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Here`s another "stupid" cliche nobody cares about anymore: When life hands you lemons, make lemonade. LOL!! Keep your sense of humor, and you`ll do okay, y`know?
rodrigo212

posts: 30

Oct 20, 2008 9:11 PM ET    Quote  Report Abuse
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Craig, I`ve read a lot of your advice in the numerous trade show threads...I see your knowledge and experience has been very helpful to others including myself.

Handing out lemonade at a motorcycle show that I plan to participate in soon may not cut it for that market group. Besides the drink could spill onto my t-shirts, and create a sticky mess...so I am looking for ideas!

I am placing a new thread to ask for new trade show advice for 2008 and going into 2009...please watch out for it in the Marketing Forum.

I would appreciate your input.
rodrigo21210/20/2008 9:16 PM
AndyCosta68

posts: 178

Oct 21, 2008 10:22 AM ET    Quote  Report Abuse
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Rodrigo,

I am not even close to opening for business (I`ve been dragging my sorry butt for at least 4 years now trying to figure out exactly what to do and how to do it).

In any case, my main reason not to start a business now is the bad economy! So I started to think: ok! Here comes another excuse from the depths of my scared mind! The bad economy is a reality (I live in Harlem, NYC and I see the repercussions of it around my neighborhood) but it should not be a deterrent! This could actually be a good opportunity to start small, learn through this rocky road and come out successful once the mess is behind us.

At least that`s what I am telling myself!



-------------------------

Andre Costa DaCosta Chocolates, LLC www.DaCostaChocolates.com
rodrigo212

posts: 30

Oct 21, 2008 12:09 PM ET    Quote  Report Abuse
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Hey Andre...

I felt the same way at the beginning, but just stay open to all things, people and ideas.

Don`t rush into things, and do not abandon your dreams...just take small steps. 

I recommend to read, read, read, and if you`re working, save, save, save – when the right moment comes...you will know it...whether were in a good economy or not.

The loose ends will come together and that will help to push you forward.

For now, stay informed, but turn off the TV...it`s like a broken record (ok..I`m dating myself). We ALL make excuses, some based on reality, most not at all, but if you educate yourself on the business side of things...you will see, life does go on...people still eat, still buy food and clothes...and still do a lot of other things...we just have to be more fine tuned to what those needs and wants are, and have realistic expectations in this economy.

take your time, good luck...rodrigo


AndyCosta68

posts: 178

Oct 21, 2008 12:22 PM ET    Quote  Report Abuse
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Thanks for the nice, wise words Rodrigo.
That`s precisely what I am doing now...going slow, one step at a time.

Let us know when your site is completed! Good luck.



-------------------------

Andre Costa DaCosta Chocolates, LLC www.DaCostaChocolates.com
CraigL

posts: 9051

Oct 21, 2008 4:15 PM ET    Quote  Report Abuse
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I`ve done the same thing over the years. I`ll have an idea, think, "Nah...that`s just too stupid," then let it go. And then to my surprise, someone else puts out a business doing exactly that. And it succeeds.

What I`m learning is to ignore the surrounding circumstances, look at my own personal life, and just do whatever seems like the best idea. In other words, I don`t make my actions contingent upon the surrounding circumstances.

I had yet another idea, and this time just started. I talked to some folks, checked to see if it`s possible, then went ahead and started. One step at a time, proving the various concepts along the way, it`s working.

I`m really not paying any attention to the local economy, the elections, the national or world economy, or anything else. I`m focusing on what I`m doing, and letting the cards fall where they may.

One thing is undeniably true: If you don`t have a business there`s no question at all that it won`t work, won`t generate revenues, and won`t fail. On the other hand, if you DO have a business, you at least have a chance to make it work.

You can always make excuses later, when you`ve at least tried the thing. Excuses are like ideas, they`re everywhere. :-)
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